SNXUSDT trade ideas
SNXUSDT Adam & Eve Double BottomsAdam & Eve Bottoms
SNXUSDT has formed Adam &Eve double bottoms as seen in the chart. Left Bottom which is in slightly curve shape like V forms Adam because this slightly curve shape shows only Wicks of candlesticks whereas their bodies are above to that point and formed a V shape Which indicates Adam because in Adam bottom only wicks of candlesticks reaches to a certain levels or zones whereas their bodies are present above as shown in pattern at 11.114 .
Now, if we talk about right bottom as shown in the chart then candlesticks has formed Eve bottom because Eve bottom is formed in curve shape such as U shape but not U where most of the candlesticks are present with their bodies somewhere at the same levels or zones of Adam bottom. After forming a curve like U shape indicates a trend reversal from bearish to bullish.
When both bottoms are formed then we check the previous price action from where rejection was faced and results in double bottom and draw a trend line at that point which is called as Resistance as shown in chart at point 12.329.Now just wait for the breakout and retesting as shown in chart because double bottom indicates bullish trend. After retesting its resistance will be its support level and we will open our trades where their are different points for TPs.
TP points
13.276
13.827
14.335
SNX/USDT 1H UpdateMarket Cap $2,116,653,547
24 Hour Trading Vol $114,309,742
Fully Diluted Valuation $2,859,320,550
Total Value Locked (TVL) $2,097,098,088
Fully Diluted Valuation / TVL Ratio 1.37
Market Cap / TVL Ratio 1.01
Circulating Supply 172,443,028
Total Supply 232,947,851
Max Supply 232,947,851
SNX/USDT UpdateMarket Cap $2,116,653,547
24 Hour Trading Vol $114,309,742
Fully Diluted Valuation $2,859,320,550
Total Value Locked (TVL) $2,097,098,088
Fully Diluted Valuation / TVL Ratio 1.37
Market Cap / TVL Ratio 1.01
Circulating Supply 172,443,028
Total Supply 232,947,851
Max Supply 232,947,851
Bullish for SNXOne of my favourite DEFI project looks bullish after breaking the resistance at $13. It might retest the resistance again after reaching the 0.5 fib level, which is approximately at $15.5.
But looking at weekly chart, the MACD crosses below, which is but not always bullish. But I do believe is MACD crosses in weekly chart, it signals a bullish move in the price.
I think the price will reach $18. But breaking the red resistant line on the chart, which coincide with the 0.782 fib level, might be slightly more difficult. But crossing that, it will send the price to $25 or even breaking the ATH.
But all depends on BTC if it manages to break the 0.618 fib level at 50K....Hopefully BTC doesn't drag the market down again
Synthetix// What to do?Price is currently at a high area of value for both bears & bulls. Stakers and swing traders...Currently sitting on support and also on the up trend TL.
Price is showing some rejection but the sellers are still in control. Right now the best thing to do would be either wait...OR just so you have exposure, add a small toe hold order and if your bias works out, add more; if it doesnt, close and write it off as a small loss.
I will be waiting for more signs to give me more conviction.
Previous analysis linked.